Simone Lawson
The original US Constitution is a priceless document that embodies the nation's founding principles and governance framework. However, its monetary value is a different question. In recent years, the market value of rare copies of the US Constitution has been tested through auctions and private sales. In 2021, billionaire Ken Griffin purchased a copy of the Constitution for a record-breaking $43.2 million at an auction, outbidding a group of cryptocurrency enthusiasts. This particular copy is one of only 13 or 14 known original copies, with most of the others held in state archives, historical societies, or other official institutions. The high price paid by Griffin underscores the immense historical significance and appeal of the US Constitution, even beyond American borders.
| Characteristics | Values |
|---|---|
| Number of copies printed in 1787 | 500 |
| Number of surviving copies | 8-14 |
| Number of copies in private hands | 2 |
| Minimum bid price at an auction | $1 million |
| Auction price | $43.2 million |
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What You'll Learn
Ken Griffin bought a copy for $43.2 million
The original U.S. Constitution, one of the most important documents in American history, has an estimated value that reflects its immense significance. While it is, of course, technically priceless, given its unique nature and the fact it has no direct comparable, its market value has been speculated upon, especially as one of the copies has been sold recently. The document, of which there are known to be thirteen surviving copies, has an estimated value of over $20 million, with one recent sale far exceeding this estimate. In November 2021, billionaire Ken Griffin purchased a copy of the original Constitution for an astonishing $43.2 million at a Sotheby's auction. This sale not only highlighted the document's immense value but also sparked conversations about the importance of historical documents and their preservation.
Ken Griffin, the founder and CEO of the global investment firm Citadel, has a well-known passion for acquiring and preserving important cultural artifacts, and his purchase of the Constitution manuscript is a testament to this. The particular copy he acquired is one of only two known complete transcripts of the final text of the Constitution, as confirmed by constitutional scholars. It is believed to have been produced in the early 1780s, soon after the Constitution was ratified in 1787, and is one of the two earliest copies to include the signatures of George Washington and James Madison. The copy is also believed to be the only one in private hands, making it an extremely rare and coveted artifact.
Griffin's motivation for the purchase was twofold. Firstly, as a prominent American citizen, he felt a deep sense of patriotism and a desire to preserve this crucial piece of American history. In a statement, Griffin expressed his honor and privilege in being able to play a part in preserving this foundational document. Secondly, as a well-known art collector, Griffin has a particular interest in historical manuscripts and has acquired numerous significant documents over the years. His purchase of the Constitution manuscript adds to a collection that already includes a rare first printing of the United States Declaration of Independence.
The $43.2 million price tag reflects not only the document's historical significance but also its exceptional rarity and condition. The copy is remarkably well-preserved, with clear, legible text and minimal signs of aging or damage. The auction itself was a significant event, with the document attracting worldwide attention and generating intense interest from collectors and institutions alike. The successful bid by Ken Griffin ensures that this particular copy of the Constitution will remain in private hands, though it is expected that Griffin will make the document available for public display and research, ensuring its accessibility to scholars and enthusiasts alike.
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A copy found in North Carolina
A rare copy of the U.S. Constitution was discovered at a North Carolina farm. The document was found at the historic Hayes Farm in Edenton, North Carolina, which was once owned by Samuel Johnston, the governor of North Carolina from 1787 to 1789. He oversaw the state convention during his last year in office that ratified the Constitution. The copy was found inside a two-drawer metal filing cabinet in a long-neglected room. The document was a broad sheet that could be folded once like a book.
The copy is one of about 100 copies printed by Charles Thomson, the secretary of that Congress. It is one of only eight known surviving signed copies sent to the 13 original states for ratification. It is the only one that remains in private hands. The copy was printed after the Constitutional Convention approved the proposed framework of the nation's government in 1787 and it was ratified by the Congress of the first American government under the Articles of Confederation.
The document is expected to be worth millions at auction. The minimum bid for the auction is $1 million, and there is no minimum price that must be reached. The auction will be held by Brunk Auctions on September 28, 2024, in Asheville, North Carolina. Other items up for auction in Asheville include a 1776 first draft of the Articles of Confederation and a 1788 Journal of the Convention of North Carolina at Hillsborough, where representatives debated whether ratifying the Constitution would put too much power with the nation instead of the states.
The discovery of the rare document is significant, as it represents the Founding Fathers' calls for unity and compromise and contains Washington's written hopes that the Constitution would promote the welfare of the country. It also provides a connection between the writers of the Constitution and the people in the states who would provide its power and legitimacy.
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Only 13-14 known original copies
The US Constitution was printed in 1787, with 500 copies of the final text produced by John Dunlap and David Claypoole, the official printers of the Constitutional Convention. However, only a handful of these copies have survived to the present day.
There are only 13 or 14 known copies of the official printing produced for the delegates, with 11 or 12 of those copies held by official institutions or government collections. The discrepancy in the number of copies may be due to the different methods of counting used by different sources. Some sources may only count complete final printings, while others may include incomplete printings or different drafts of the Constitution.
The vast majority of surviving copies are held in state archives, historical societies, and other official institutions or their original recipients' designated repositories, such as the American Philosophical Society in Philadelphia, which was founded by Benjamin Franklin. Only two copies are known to remain in private collections. One of these copies, the Goldman Constitution, was purchased by billionaire Ken Griffin for $43.2 million at a Sotheby's auction in November 2021. Griffin outbid a group of cryptocurrency enthusiasts called ConstitutionDAO, who had crowdfunded to purchase the document.
The rarity and historical significance of these documents make them extremely valuable. In addition to Griffin's record-setting purchase, another copy of the official edition sold for $9 million at Brunk Auctions in 2024. The minimum bid for Griffin's copy was $20 million, indicating that the final price of $43.2 million far exceeded expectations.
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Up for auction with a $1 million minimum bid
A rare copy of the US Constitution is up for auction with a $1 million minimum bid. The auction will take place on 28 September in Asheville, North Carolina, and the document is expected to be worth millions. This copy is one of about 100 printed after the Constitutional Convention approved the proposed framework of the US government in 1787. It was printed by Charles Thomson, the secretary of Congress, and only eight copies are known to still exist, with the other seven publicly owned.
The copy was discovered in a neglected room in a house in Edenton, North Carolina, that once belonged to Samuel Johnston, the state's governor from 1787 to 1789. He oversaw the state convention during his last year in office, which ratified the Constitution. The document was found inside a metal filing cabinet in a room piled high with old chairs and a dusty bookcase.
The auction will also include other significant items, such as a 1776 first draft of the Articles of Confederation and a 1788 Journal of the Convention of North Carolina at Hillsborough.
This copy of the US Constitution is a rare find and is expected to attract bidders from various backgrounds, not just collectors of rare books and manuscripts. The auction provides an opportunity for individuals and organisations to acquire a piece of American history, with the potential for the document to end up in private hands once again.
While the minimum bid is set at $1 million, it is challenging to estimate the final selling price of such a rare and significant document. The auction house has not specified a minimum price that must be reached, leaving the outcome of the auction highly anticipated.
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Copies have universal appeal
The US Constitution has a universal appeal, attracting bidders from across the political spectrum and from around the world. During the auction of the Goldman Constitution, bidders were not all collectors of rare books and manuscripts, and the eventual buyer, Ken Griffin, is more well-known for his modern and contemporary art collections. The US Constitution is also popular regardless of bidders’ political beliefs. Selby Kiffer, of Sotheby’s International, told Forbes:
> "What you find about the Constitution is that wherever someone is on the political spectrum, it's their constitution. They understand it, they interpret it correctly, and it's the other side that gets it wrong."
The US Constitution is also popular with bidders from outside the US. The auction for the Goldman Constitution, for example, featured underbidders who were not American. The document's global appeal is perhaps due to its significance and influence as a historical document, comparable only to the Declaration of Independence.
The US Constitution's universal appeal is also reflected in the efforts made to view it. Citizens from across the US and international visitors wait in long lines on Constitution Avenue to enter the National Archives Building in Washington, D.C. These visitors come from all walks of life, including families, couples, student groups, senior citizens, and tourists.
The US Constitution's universal appeal is further demonstrated by the diverse groups that come together to try and acquire it. In 2022, Ken Griffin outbid ConstitutionDAO, a decentralised autonomous online group that raised more than $40 million from 17,000 contributors in Ether cryptocurrency, to purchase a rare copy of the US Constitution. The group's interest in acquiring the document reflects the US Constitution's appeal to a wide range of people, united by their recognition of its significance.
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Frequently asked questions
An original copy of the US Constitution is worth millions of dollars. In 2021, billionaire Ken Griffin purchased a copy for $43.2 million at an auction.
There are only 13 or 14 known official copies of the US Constitution.
The original copies of the US Constitution are mostly held in state archives, historical societies, and other official institutions. Only a couple of copies are in private hands.
You can see original copies of the US Constitution at the National Archives and the National Constitution Center in Philadelphia.
Yes, in 2022, one of the two known copies of the US Constitution's first printing in private collections was up for sale.
